China's Kuaishou climbs on progress of share buyback plan

Kuaishou Technology

19/12/2023 05:50

** Shares of short video apps operator Kuaishou Technology
 1024.HK  climb 1%, outpacing a 0.6% drop in Hang Seng Tech
Index  .HSTECH 
    ** Kuaishou says it has entered a contract with Morgan
Stanley & Co. International for the repurchase of the company's
class B ordinary shares for up to HK$2.5 bln ($320.7 mln)
    ** Says the move is part of its HK$4 bln on-market share
repurchase plan announced in May, in a bid to demonstrate its
confidence in its business outlook and prospects
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both ease 0.7%
    ** Stock down 22.7% YTD

($1 = 7.7951 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))